TABLE OF CONTENTS After studying this chapter, you should be ableto:
understand the importance of assessing financial feasibility in the planning process.
identify key practices in the planning and control of sports event finance.
understand the importance of financial risk assessment and identify key risk managementpractices.
This chapter considers the importance of implementingfinancial planning and control at the feasibility stage by describing the process involved. Therole of budgeting and targets are discussed as a key part of this process. The complimentary areaof income generation, also a key activity at this stage of planning, is covered in the next chapter. Eventfinances have to be managed on an on-going basis and throughout the process however, and so thecentral focus here is on how that can be achieved. Key areas such as the acquisition of funding andthe control of expenditure are considered, as well as the need for financial risk managementemphasized.
A decision to go ahead with a sports event is a managerial one and can therefore besubjective, but this decision-making process can be made more reliable via planning. The purpose ofdetermining if an event is feasible, prior to a decision to go ahead, is needed to ensure thatexpenditure or effort is not wasted. Therefore, the importance of the feasibility stage in theevent planning process cannot be underestimated. The model, proposed in Chapter 3, in the mainconsiders an iterative process but is cautious about early progression from stage to stage. At thefeasibility stage, progression should not occur unless the event can...
